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As we are starting a new year and a new decade, in this episode, we will take a big-picture look at one of the most powerful technological trends that will drive this new decade. And that technological trend is Voice AI.
Before we discuss Voice AI, Let’s step back for a moment and see what has been the most dominant tech trend of the decade that ended last week. Can you take a guess? If you guessed smartphones, you can pat yourself on the back.
29-Jun-2007: That is when the 1st iPhone was released. As of now, there are 3.3 billion smartphone users in the world and put that in perspective, around 42% of the world population has a smartphone today. And all this is just a little over 13 years.
Now let’s take a look at this chart. This shows the time taken after commercialization, for a technology to get to 50% adoption rate in the U.S market. As you can see, the smartphone adoption rate was way faster than even that of the internet. And guess what, the SMART SPEAKERS adoption rate is even faster than that of smartphones. In under 5 years, the adoption rate for smart speakers in the U.S market has touched 50%.
So, how can we capitalize on this powerful trend?
Let’s go back to the early days of the mobile phone. This chart shows the number of apps on the IoS play store over time and this one here shows the number of apps on the Google Play Store.
As you can see, from next to nothing in 2008, we have now close to 3 mn apps each on both the IoS Appstore and the Google Play Store.
impressive as they are, these charts do not convey the explosive growth of the apps during the first half of the last decade.
This is because we are using a linear scale and not a log scale.
The percent growth of apps was spectacular from 2009 till 2013/14. During this period, there was an enormous demand for mobile app developers - both on the IoS and the Android Platform. By now, you would have got the picture.
The mobile app equivalent of voice AI is called Skills or Actions, depending on whether you are developing for Amazon Alexa or for Google Assistant. If you go by the rapid adoption rate of smart speakers in the U..S market, over the next few years, there is going to be a very high demand for voice designers and developers for voice. This, in my opinion, is one of the biggest opportunities of the current decade.
And between Amazon Alexa and Google Assistant, as of now, Alexa has a higher market share and is really pushing hard to keep the lead.
How can we make money by riding this trend? As an Alexa developer, you can make money developing Alexa skills for established brands. You can also release your own skills and Amazon will pay you if enough users use your skills regularly. And now, in the U.S, you can monetize your skills via the in-skill purchases. This is very much like the in-app purchases of digital goods in games like Angry Birds.
These are early days and if you get on this trend now on the ground floor, before the decade is out you can become a skillionaire. Much the same way many Appilionaires were created during the first half of the last decade.
(If you liked this video and would like to buy our course Learn Alexa the fun way, you are in for a pleasant surprise. Please click on the link below to buy the course for $25 ONLY. Original price is $195.
https://utm.io/upJb)
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